Invesco Ltd. Cuts Stake in LendingClub Corporation $LC

Invesco Ltd. decreased its position in LendingClub Corporation (NYSE:LC) by 47.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 335,661 shares of the credit services provider’s stock after selling 301,797 shares during the period. Invesco Ltd. owned about 0.29% of LendingClub worth $3,464,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in LC. Wellington Management Group LLP raised its holdings in LendingClub by 353.1% during the fourth quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider’s stock worth $61,515,000 after purchasing an additional 2,961,050 shares in the last quarter. Driehaus Capital Management LLC increased its position in LendingClub by 229.1% during the 4th quarter. Driehaus Capital Management LLC now owns 3,588,799 shares of the credit services provider’s stock worth $58,103,000 after purchasing an additional 2,498,318 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of LendingClub by 196.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,131,253 shares of the credit services provider’s stock worth $34,505,000 after buying an additional 1,412,568 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of LendingClub by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,839,360 shares of the credit services provider’s stock valued at $29,779,000 after buying an additional 49,996 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of LendingClub by 6.0% in the 4th quarter. Northern Trust Corp now owns 1,048,618 shares of the credit services provider’s stock valued at $16,977,000 after buying an additional 59,186 shares during the period. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Andrew Labenne sold 17,955 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total value of $298,950.75. Following the completion of the transaction, the chief financial officer directly owned 178,111 shares in the company, valued at approximately $2,965,548.15. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the firm’s stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $12.98, for a total value of $68,145.00. Following the completion of the sale, the chief executive officer directly owned 1,283,175 shares in the company, valued at approximately $16,655,611.50. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,955 shares of company stock worth $545,648. 3.19% of the stock is owned by insiders.

LendingClub Trading Down 0.3%

Shares of LC opened at $17.19 on Friday. The stock has a market cap of $1.97 billion, a P/E ratio of 26.86 and a beta of 2.46. The company has a 50-day moving average of $14.04 and a two-hundred day moving average of $11.93. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75.

LendingClub (NYSE:LC) last released its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.15 by $0.18. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The business had revenue of $248.44 million for the quarter, compared to analyst estimates of $227.04 million. During the same period in the prior year, the business earned $0.13 earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, analysts forecast that LendingClub Corporation will post 0.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Citizens Jmp assumed coverage on LendingClub in a research report on Monday, July 7th. They issued a “market perform” rating for the company. Wall Street Zen raised shares of LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Piper Sandler set a $15.50 price target on shares of LendingClub and gave the company an “overweight” rating in a report on Wednesday, July 30th. Keefe, Bruyette & Woods boosted their price objective on shares of LendingClub from $14.00 to $16.50 and gave the stock an “outperform” rating in a report on Wednesday, July 30th. Finally, Stephens started coverage on shares of LendingClub in a research report on Thursday, June 12th. They set an “overweight” rating and a $15.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, LendingClub presently has an average rating of “Moderate Buy” and a consensus price target of $16.57.

LendingClub Company Profile

LendingClub Corporation, operates as a bank holding company, that provides range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit. The company also provides loan products, such as consumer loans comprising unsecured personal loans, secured auto refinance loans, and patient and education finance loans; and commercial loans, including small business loans.